The CBN TIES which implies, Tertiary Institutions Entrepreneurship Scheme) The scheme was designed by the CBN to shift graduates and undergraduates of Nigerian universities and polytechnics away from being hell-bent on looking for white-collar jobs.
As we all know, there is this belief that immediately a person graduates from school, he or she is entitled to a paid work from the federal government. This belief has slowly caused many youths the great opportunity in entrepreneurship and as such, the government is trying to draw the attention of the teeming youths back to entrepreneurship with this 500 million naira grant.
The scheme is not only aimed at shifting the attention of youths from white-collar jobs but also to provide them with an financing model that will promote job creation and economic growth in the nation. In this article, we are going to have a look at how you can apply for the TIES loan/grant as a student or graduate but before then, let’s have a look at the requirements needed for one to apply;
Requirements For CBN TIES Application
1. Valid mobile phone number linked to your NIN, BVN, Tax identification number and email address.
2. Evidence of business name registration. You need to have the true original copies of the CAC documents.
3. Corporate bank account number of the business you intend to focus on.
4. First degree or NYSC discharge certificate or exemption certificate.
Those are the documents needed for one to apply for the grant. Now that aside, let’s get down to how you can apply for the CBN TIES loan.
Businesses That Are Eligible For The CBN TIES Loan
1. Agribusiness – this haa to do with harvesting, processing, storage as well as logistics.
2. Information Technology – the world has gone global, there is alot of opportunities in the tech world. So you must either have software/ application development, data management, robotics, business process outsourcing etc.
3. Creative industry – this has to do with entertainment, publishing, artwork, culinary management, photography, fashion, beauty/cosmetics.
4. Science and technology – medical innovation, ticketing system, robotics, renewable energy, traffic systems and waste management.
You must have a valid and achievable plan for the business otherwise you may be denied the TIES loan.
How to Apply For CBN TIES Loan in 2023
1. Visit any cyber cafe and access this website, https://cbnties.com.ng.
2. When you open the page, you will see the option to apply for the grant and also before you apply for the loan, it is important for you to know that, you must have graduated from any Nigerian university or polytechnic within the last seven years and have a serious entrepreneurial interest.
Maximum Amount You Can Get From CBN TIES Loan
This is dependent on what you’re applying for. If it’s for an individual business idea of project, the loan limit is 5 million naira with a tenor of 5 years.
Whereas if it’s a partnership or company projects with maximum of 5 individual partners, then the loan limit is 25 million naira with the same number of years(5) as tenor.
If you have good business ideas and have graduated from school, I’d suggest you give it a trial. It is said that trading is not included in the acceptable entrepreneurial ideas.
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